USD/CAD H1 analysis for November 5, 2013 Trend News

General overview for 05/11/2013 06:30 CET

The projected level for the ZigZag completion has not been hit and this structure was finished earlier that was expected; so called Running ZigZag shape.

Currently, the overall retracement is not deep enough in price and time to call 1.0395 for a low for wave B green, so I expect more lower levels to come when wave X brown is done.

So far this wave X brown starts to look like a ZigZag, but it can turn out to be virtually anything. Nevertheless, the projected target now is based on geometry again and it should end in the 1.0451 zone.

The golden descending channel helps to define the price range and only a slight breakout is allowed.

Support/Resistance:

1.0522 - WR2

1.0496 - Swing High

1.0463 - WR1

1.0451 - Intraday Resistance

1.0436 - Weekly Pivot

1.0414 - Intraday Support

1.0390 - 1.0395 - SUPPLY BREAKTHROUGH ZONE

1.0375 - WS1

1.0364 - 1.0369 - FRESH DEMAND

1.0349 - WS2

Trading recommendations:

Short positions should be in play from grey rectange levels of 1.0442 - 1.0452 with SL just above 1.0464 and potential TP at 1.0370.

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Gold Elliott wave analysis for November 2, 2013 Trend News

Gold has paused its decline from 1,360 to 1,306 (50% Fibonacci retracement). Prices are now trading at 1,314 and the short-term resistance is found at 1,325. Today's pivot point is 1,317. If prices move above that level, then bulls will have increased chances of testing the first resistance level at 1,325. Breaking above that level will push prices towards 1,337. Short-term support is found at 1,305-6 and then at 1,290 (61,8% Fibonacci retracement).

We are cautiously bullish here at 1,314 waiting for prices to make a breakout. This is an area where we can see a bottom in place and a trend reversal. We are bullish on signs of strength. Signs of strength are a break above 1,325 and 1,337. This means that we will open long positions once the resistance levels are broken. Until then, we wait because there is increased probability of another move down towards 1,300-1,290.

The daily chart has not changed at all. The right hand shoulder is being formed and the pattern of head-and-shoulders is still a very possible reality that could push prices towards the neckline at 1,250-60. We remain in favor of this pattern in the daily chart, as long as prices trade below 1,360.

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Gold: Pullback near to completion. Initiate long positions between 1,300-1 310 Trend News

Technical outlook and chart setups:

The metal seems to have completed retracement as depicted here. The maximum downside could be down towards the 1,290/1,300 region before rallying to fresh highs. It is recommended to initiate 50% long positions at current levels and the rest between 1,290/1,300, if the prices reach that level. Risk remains at 1,270.00 level on the minimum side. Initial support is at 1,250.00 (recent swing lows), followed by 1,210.00 and 1,180.00; while resistance is at 1,370/75, followed by 1,410.00 and 1,440.00 on the higher side. Looking into the entire structure, the metal seems to be poised to print fresh highs in the coming sessions till the prices remain above 1,250/70.

Trading recommendations:

Initiate 50% longs now and the rest between 1,290/1,300, stop is at 1,260.00, and target is open.

Good luck!

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EurJpy retraces to sub 132.00. Exit short positions Trend News

Technical outlook and chart setups:

The single currency pair has retraced to sub 132.00 level, as expected, and bounced off producing a morning star pattern. Please note that Fibonacci 0.618 retracement level is also passing through the same region. Furthermore, the immediate trend line support is passing through nearby. Keeping all the above into consideration, it is recommended to exit short positions now and initiate 50% long positions. Immediate support is the 131.00 region, followed by 129.00, 128.00 and lower; while resistance is seen at 135.00 level from here on. Look to buy till the prices are above 131.00 region.

Trading recommendations:

Exit short positions. Enter 50% long positions, stop is at 131.00.

Good luck!

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Silver: Retracement looks to be complete. Enter longs now Trend News

Technical outlook and chart setups:

The metal seems to have completed retracement or would complete it around 21.00/50 region. It is recommended to initiate 50% long positions now and the rest around 21.00/50 levels, which is also the Fibonacci 0.618 retracement level of the rally from 20.50 to 23.00. The downside risk remains at 20.50 region, which is initial intermediary support, followed by 19.00 and then sub 18.00 levels; while resistance is spread through 23.50, 24.00 and higher levels respectively. The overall structure looks to be bullish till prices stay above 20.50 level and look to buy on dips from here on.

Trading recommendations:

Initiate 50% long positions now and the rest between 21.00/50, stop is below 20.50, and target is open.

Good luck!

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GBPCHF bounces off producing Morning Star at 1.44 levels Trend News

Technical outlook and chart setups:

The currency pair has bounced off the smartly producing a morning star around the vicinity of the 1.4380/1.44 levels as expected earlier. Also, the fibonacci 0.618 retracement level is seen passing through the same area. It is recommended to hold long positions taken earlier for an expected extension at the 1.49 levels from here on. Temporary resistance is being met at current levels and short-term setbacks are possible, but they should be in the form of retracement only. Intermediary support begins from the 1.4400 levels, followed by 1.42 and 1.4075; while resistance begins from the 1.4800 levels, followed by 1.5 respectively. Look to buy on dips till prices remain above 1.4350.

Trading recommendations:

Remain long, set stop at 1.43, target is at 1.49.

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